CBSE Class 12 Accountancy sample paper 2026-27: question 5
From the official CBSE sample question paper for 2026-27, section A, question 5, for 1 mark. Try it first; the hints and our step-by-step solution are below.
Q5 · 1 mark · MCQAccounting for Partnership: Basic Concepts
R and S are partners sharing profits and losses in the ratio of 3:2. Their capitals are ₹3,00,000 and ₹1,00,000 respectively. On 1st January 2026, the firm granted loans of ₹24,000 to R and ₹6,000 to S at 10% p.a. The loss before charging interest for the year ended 31st March 2026 was ₹2,650. Calculate the share of loss to be borne by each partner after accounting for interest on loans.
- (A)Share of loss R ₹ 2,040, and S ₹ 1,360
- (B)Share of loss R ₹ 3,390, and S ₹ 2,260
- (C)Share of loss R ₹ 1,590, and S ₹ 1,060
- (D)Share of loss R ₹ 1,140, and S ₹ 760
Source: official sample paper from cbseacademic.nic.in (PDF). See it in the full Sample paper 2026-27.
Hints
Open one hint at a time and try again before the next.
Hint 1
Interest on a loan given to a partner is income for the firm.
Hint 2
The loans ran only from 1st January.
Step-by-step solution
Each step shows the marks it earns, as an examiner would award them. Checked by an independent re-solve from the question paper.
Interest on loans to partners is income for the firm for 3 months: R ₹ 24,000 × 10% × 3/12 = ₹ 600; S ₹ 150. Loss after interest = ₹ 2,650 − ₹ 750 = ₹ 1,900.
- 1 mark
Shared 3 : 2: R ₹ 1,140, S ₹ 760. Option (D).
Answer: (D) Share of loss R ₹ 1,140, and S ₹ 760
Where the marks are
- Interest on loans to partners reduces the loss (1 mark)
Revise the chapter
- Chapter: Accounting for Partnership: Basic Concepts (notes, formulas, where marks are lost and every past question)
- Topic: Profit and Loss Appropriation Account
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